Film studios must carefully evaluate their insurance needs regularly to keep up with their productions’ evolving challenges. For many, DICE insurance is a complete solution to many issues that film creation can face. However, securing DICE insurance the right way is just as important as choosing a film’s cast or creating a strong script.
Purchasing DICE insurance does not have to be complicated, but it does need to be approached with care. Strong policies will be customized to suit a production’s specific challenges and goals, and those policies should be supported by an insurance team familiar with the film industry.
The following is a step-by-step guide for streamlining purchasing DICE insurance so your production team can confidently proceed.
Is DICE Insurance a Good Fit for Your Project?
Before any studio commits to purchasing DICE insurance, it is essential to understand whether this type of coverage is a good fit for the production. DICE insurance is a valuable addition to any strategy because it covers many situations.
Most DICE insurance policies will include a spectrum of financial protections, from equipment theft and damage to workers’ compensation and defense against the fines associated with trademark infringement. For basic coverage of all of a film’s most common challenges, DICE insurance is worth considering.
A Guide to Purchasing DICE Insurance
When a production team decides that DICE insurance is the next step in their cost mitigation plan, they may be unclear on what to do next.
1. Determine Your Needs
DICE insurance typically bundles numerous coverages that form the baseline for what most films require. However, this does not mean studios should accept whatever policies are included as-is. The team must evaluate the specific risks associated with their production to determine which types of protection are most important.
Does the film rely on famous actors whose value exceeds the maximum limit of the DICE policy’s cast and crew offering? Does the production plan to use drones or other equipment that may need additional riders to be covered? These types of questions are essential at this stage.
2. Allocate Your Budget
Once the team understands the risks their production will likely face, they should calculate how much of their budget should be dedicated to DICE insurance. For many productions, DICE coverage amounts to around 1% to 3% of a film’s entire budget. However, needs vary, and it is essential to know budgetary constraints before searching for the right insurance provider.
3. Find the Right Insurance Agency
With a budget, the studio can evaluate insurance agencies that may serve their needs. The best film insurance providers will have deep experience and knowledge of the film industry and the exclusive challenges it brings. This allows them to recommend coverage according to the most common claim types and identify areas that may have been overlooked when brainstorming risks.
In addition, be sure to select a responsive provider that makes filing claims easy. Online portals with simple 24-hour claim filing are valuable traits to look for.
4. Review the Policies
While good insurance professionals can recommend suitable policies, studios should review the details. It is essential to understand what may be covered and what is excluded.
It also helps identify good practices in their production that facilitate strong insurance protection; for instance, a studio may not realize that conducting stunts without consulting the insurer first or adding a temporary rider could prevent the submission of a claim for that stunt.
5. Make Adjustments
After the studio has reviewed the policies, it may inquire and work with the agency on adjustments that suit its specific needs. This is a collaborative process, as the insurance provider can also make recommendations to customize the policies to particular needs or concerns. It may also entail increasing coverage limits for a specific production element, such as a particularly valuable cast member.
Get Your DICE Insurance From Industry Professionals
DICE insurance is an accessible way to secure coverage for productions of all types. While it provides a wide range of bundled protections, teams should still review the insurance carefully. Following this step-by-step process, any production can purchase effective and strong insurance.
The professionals at MFE Insurance have been working closely with film studios for years and are deeply familiar with the industry’s intricacies. Contact MFE Insurance to purchase DICE insurance from professionals who can customize the policies to suit your production’s exclusive needs.